Hinduja Housing Finance Home Loan

Based on the type and quantum of loan, Hinduja Finance Ltd home loan interest rates vary between 13.50% - 14.50% per annum. Hinduja Finance offers Hybrid rate of interest (semi-fixed), wherein the interest rate will be fixed for the first three years and then change to floating rate of interest.

The interest is calculated by Hinduja Housing Finance (HHF) on a Monthly Reducing balance basis, which means the principal reduces every month from your Equated Monthly Instalment (EMI) net of interest accrued.

Apart from the interest rate, a non-refundable processing fee of Rs. 4,600 has to be paid along with the application for the legal and technical evaluation expenses. Later on, a balance fee is payable for the Property and Personal Insurance, Documentation and CERSAI charges, after the sanction of loan, but before the disbursement.

• The maximum loan amount you can borrow depends on your repayment capacity as assessed by the lender, purpose of the loan, and property’s cost and value. 
• For home loans up to Rs. 30 Lakhs, 90% of the cost/ value of the property (whichever is lower) can be availed, and for home loans more than Rs. 30 Lakhs, 80% of the cost/ value of the property (whichever is lower) can be availed. 
• Based on the type and quantum of loan, Hinduja Housing Finance rate of interest varies between 13.50% - 14.50% per annum. The interest rate is Hybrid (semi-fixed), wherein the interest rate will be fixed for the first three years and then change to floating rate of interest. 
• The maximum period under which a loan can be repaid depends on the borrower category, their age, and purpose for which the loan is sought. Tenure ranges from 1 to 25 years for Purchase Loan/ Self-Construction Loan , 1 to 20 years for Balance Transfer (BT)/ Top-up Loan, and 1 to 10 years for Home Improvement/ Renovation Loan/ Home Extension Loan.  
• The loan is disbursed in a maximum of 10 tranches, and each tranche is proportional to the progress of the construction of your home.
• Under Section 80C & 24(b) of the Income Tax Act, 1961, you are eligible for tax benefits on home loan for both the principal and interest components of the EMI paid (other than plot loans), subject to the policies of the Government.
• You can pre-close your housing loan either in part or in full.

The eligibility criteria required to be met for the Hinduja Housing Finance Limited are as follows:

• Any Indian national who is a salaried employee, professionals, self-employed individuals, or non-individual entities, can apply. 
• Age for salaried applicants must be minimum 21 years at the time of loan application and maximum retirement age or not older than 60 years at the time of loan maturity
• Age for self-employed applicants must be minimum 21 years and maximum not older than 65 years of age at the time of loan maturity.
• Minimum income for salaried individuals should be Rs. 10,000 per month.
• Minimum income for self–employed individuals should be Rs. 15,000 per month.
• The loan will be disbursed, once all necessary documents are submitted to establish clear and marketable title, sufficient progress in construction proportionate to the own contribution is evident, and when loan agreements executed and conditions (if any) are satisfied.
• Minimum work experience for salaried individuals should be 2 years.
• Minimum business continuity for self-employed should be 3 years.
• The loans are available for properties that are duly approved by the competent authority.
• You have to apply for a home loan in the city where you work. However, you can buy property in another city in India. 
• Husband, wife, father, son, mother, daughter or relatives as agreed by the Company, can be co-applicants. All co-owners of the property must be a co-applicant to the loan. However, all co-applicants need not be co-owners.
• Non-individual entities (Partnership Firms, Private and Public Limited companies) cannot be the main applicant/ owner of the property.
• The property must be insured against natural hazards and the lender will be the beneficiary of the insurance policy.

Here is the comparison table of home loans from the top 10 housing finance companies in India:

• Primary documents for income eligibility computation for salaried: Last 3 months’ Salary Slips/ Salary Certificate and Form16 (Income-tax deduction certificate) issued by the Employer. 
• Primary documents for income eligibility computation for self-employed: Income Tax Returns and Tax paid challan for the last 3 years, Profit & Loss Account and Balance Sheet (audited/ unaudited) for the last 3 years, and Business Profile. 
• Property documents: Based on the loan product, property documents may differ but typically you will need to submit: Title Deed, Sale Agreement, Construction Plan Approval, Tax Receipts, Occupancy Certificate, Encumbrance Certificate, and Revenue Records (like patta, chitta, khasra, khatian etc.).
• Proof of identity, address, and age
• Bank statements for the last 6 months.

Note: No formal income proof is needed. On checking the above basic documents, if further documents are required, they must be furnished.

You can use the Home Loan EMI Calculator available on the official website of the Hinduja Housing Finance for EMI calculation.

• Visit the official website of Hinduja Housing Finance and click the “Calculators” tab.
• Then select the “EMI Calculator” option.
• Enter the required loan details such as Loan Amount, Interest Rate, and Loan Tenure (in years).
• The Loan EMI, Total Interest Payable, and Total of Payments (Principal + Interest) will be displayed on the screen.
• You can reset the loan details for different results.

Hinduja Housing Finance offers the following types of home loans depending on the needs of the borrower:

• New Property Loan: For the purchase of a new flat, independent house, or an apartment.
• Resale Home Loan: For the purchase of a resale property.
• Home Extension Loans: For bearing the cost of extending an existing house by adding extra room, wall, etc.
• Home Improvement Loans: For enhancing the looks and value of an existing property.
• Composite Loans: For purchasing vacant land and constructing a home on it. 
• Balance Transfer & Top-up: For transferring a high-interest home loan to Hinduja Housing Finance to reduce your overall interest outgo. 
• Self-Construction Loan: For constructing a house on an already owned plot/land.

You can apply for a Hinduja Housing Finance home loan online within a few minutes by registering your details on its official portal, which will enable a representative to contact you for document collection. 

• Visit the official website of Hinduja Housing Finance. 
• Choose the required housing loan product under “Loans” menu and navigate to the "Quick Apply" section.
• Enter your contact information, required loan amount, tenure, and current city of residence.
• A representative from the lender's side will call you to schedule a time to collect physical home loan documents or guide you on how to upload them.
• The team will verify property and documents. 
• Upon successful verification, your loan will be sanctioned and disbursed.

If you have any queries regarding the Hinduja home loan application, interest rate, Hinduja Housing Finance loan status, etc. you can reach their customer care through the following ways:

Email ID: customercare@hindujahousingfinance.com

Hinduja Housing Finance customer care number: 1800 203 6898

Registered Office Address: No. 27A, Developed Industrial Estate, Guindy, Chennai - 600032.

Head Office Address: No. 167 - 169, 2nd Floor, Anna Salai, Saidapet, Chennai - 600015.

Office Timings: 9.30 AM to 6.00 PM, from Monday to Saturday.